Biggest Mortgage Lenders in Q1

May 13, 2013, 07:21 ET from MortgageDaily.com

DALLAS, May 13, 2013 /PRNewswire/ -- Mortgage originations were off from the fourth quarter, but several players still managed to increase business. The second-quarter forecast calls for stronger production. Although the three-biggest mortgage servicers reduced their servicing portfolios, a trio of rising stars each added more than $100 billion to their portfolios.

Residential lenders originated 6.2% less during the first three months of 2013 than in the final three months of 2012, according to Mortgage Daily's First-Quarter 2013 Mortgage Lender Ranking.

But business improved 13.8% from the first-quarter 2012.

Estimated first-quarter originations by all U.S. lenders worked out to approximately $505 billion.

Based on the Mortgage Market Index from LoanSifter and Mortgage Daily, second-quarter business is poised to increase 13% over the first quarter.

Wells Fargo maintained its dominance as an originator, though its market share slipped.

Biggest Q1 Originators

Rank

Lender

Market

Share

1.

Wells Fargo

22%

2.

Chase

11%

3.

Quicken

5%

4.

Bank of America

5%

5.

U.S. Bank

4%

The biggest decline was at Ally Financial, where production tumbled 38% from the fourth-quarter 2012. Provident Funding saw a 28% decline, and PrimeLending fell 24%.

The best improvement was Stonegate Mortgage's 36% increase. Bank of America and SunTrust Mortgage each boosted business by 11%.

In all, 15 mortgage bankers reported increased activity compared to the fourth-quarter 2012.

Wells Fargo, BofA and Chase maintained their respective No. 1, No. 2 and No. 3 positions among the country's biggest servicers of home loans -- though each reduced their servicing portfolios from year-end 2012.

But portfolios expanded by more than $100 billion each at No. 4 Ocwen, No. 6 Nationstar and No. 8 Walter Mortgage. All three firms are poised to capitalize on refinancing a share of their massive portfolios.

Biggest Servicers as of March 31

Rank

Servicer

Portfolio Size

($ trillions)

1.

Wells Fargo

$1.9

2.

Bank of America

$1.2

3.

Chase

$1.0

4.

Ocwen

$0.5

5.

Citigroup

$0.4

Full Q1-2013 report (complimentary for reporters): http://www.MortgageDaily.com/Production051313.asp?spcode=pr

Quarterly mortgage production by lenders:
http://www.mortgagedaily.com/FundingsConforming.asp?spcode=pr

Mortgage origination news at:
http://www.mortgagedaily.com/Fundings.asp?spcode=pr

About Mortgage Daily

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SOURCE MortgageDaily.com